Market Research Future (MRFR), in a recent report on the global wearable tracking devices market, revealed that the market would earn a robust CAGR during the forecast period (2018-2023). The wearable tracking devices market is also expected to scale a substantial valuation by the end of 2023. Wearable tracker devices are gadgets with an in-built sensor to monitor every movement. Its ability to track health-related activities has made it the choicest preference for many irrespective of the doctor and patient barrier. Doctors can use these trackers for updates of their patients and individuals can wear these devices to keep themselves fit by following certain limits and targets. These devices are sleek and trendy owing to which its market proliferation among the young crowds is becoming easier.
The upcoming years of the wearable tracking devices market are all set to witness several factors such as growing cases of chronic disease, demand for state-of-the-art facilities in hospitals & real-time diagnosis, and growing concerns for personal health playing big to move the market forward. But in developing countries, the price of these products can substantially deter the expected wearable tracking devices market growth.
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Competitive Landscape:
Notable players, as the report of MRFR says about the global wearable tracking devices market, are Apple Inc (US), Adidas (Germany), Gramin Ltd (Switzerland), Samsung Electronics Co Ltd (South Korea), Pebble Technology Corp (US), Fitbit, Inc. (US), Sony (Japan), Xiaomi Technology Co., Ltd. (China), Jawbone (US), Nike (US), Google Inc. (US), and others.
In 2018, researchers from the Australian National University designed an optical sensor that would allow doctors to access real-time data from their patient. These sensors are tiny and only a fraction of a hair in size. It can quite easily diagnose gases coming out of the body to predict better health forecast.
Segmentation:
MRFR, to provide a holistic understanding of the global wearable tracking devices market, segmented the market by Types, Application, Sales Channel, and End-user.
- Based on the Type, the wearable tracking devices market can be segmented into wristwear, footwear and others. The wristwear segment can be sub-segmented into fitness bands and smartwatch. Fitness bands are gaining popularity among athletes. The smartwatch segment is building its base on the growing trend of adopting gadgets that can become a personal statement.
- On the basis of the Application, the wearable tracking devices market includes healthcare, consumer electronics, and others.
- The Sales Channel segment consists online and offline.
- Based on the End-user, the wearable tracking devices market includes sportsperson, patients, and others. Physicians prefer it more for round-the-clock monitoring facility which is why the patients segment can enjoy substantial growth.
Regional Analysis
The global wearable tracking devices market covers various regions, namely Americas, Europe, Asia Pacific, and the Middle East and Africa.
Geographically, the market is led by the Americas and is expected to hold the leading position in the future as well. Herein, there lies a huge population suffering from chronic diseases like obesity and diabetes and there is better awareness concerning healthcare that helps increase the demand of the market in this region. The huge patient population in the Americas is expected to drag the players attention towards the market in this region.
Owing to the presence of a huge population affected with chronic diseases, the European market is expected to be huge for such devices. Moreover, the support from the government to enhance the fitness technology and treatment aids them in capturing the global market shares.
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The Asia Pacific is another highly popular market that is expected to experience stunning growth in the coming years. In the Asia Pacific region, both India and China are two of the fastest growing regions that are aiding the overall regional market with its proliferating growth. Due to the presence of a massive population and the willingness to invest in better treatment and fitness technologies, the market in these countries are seeing a continuous increase.
Additionally, the countries in this region are on a continuous lookout for integrating these advanced technologies and treatment methodologies from developed nations to reduce the gap between the supply and demand of products. Lastly, the Middle East and Africa are anticipated to expect low market growth in the near future due to the lack of investment therein.
